Canada has improved its sanctions regime

On June 20, 2024, Bill C-59, The Fall Economic Statement Implementation Act, 2023 (Bill C-59) received Royal Assent and became law in Canada, expanding Canada’s federal anti-money laundering and anti-terrorist financing regime under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) to, effective August 19, 2024, require entities subject to the PCMLTFA to report to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) transactions suspected to be related to sanctions evasion.

Source: BLG